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Daily Base Metals Report

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As the American economy begins to re-open optimism strengthens causing the U.S. stock market to rise. European markets also gained ground today despite the Bank of England governor suggesting it may be time to reassess how low-interest rates can go. In Europe, there was hope surrounding another round of stimulus around from the European Union. Brazil has now become the country with the third-highest amount of virus cases and doesn’t have a health minister as previous candidates argued with President Bolsonaro.

Metals prices were all stronger today. The cash to 3-month zinc spread continues to tightened and stands at $7/t back, as does zinc which is now $192/t back. The 3month zinc price failed above key resistance at $2,050/t and closed at $2,036/t. Ali was firmer today and took out resistance at $1,500/t to close at $1,512.50/t. Nickel was also well bid again today, closing at $12,667/t. Copper continues to strengthen and closed at $5,442.5/t as lead closed at $1,697/t after failing above $1,700/t.

Energy prices continue to rise but demand still remains weak, WTI and Brent trade at $32.85/t $35.30/t. Gold has edged higher back towards $1,700/oz at $1,749/oz at the time of writing with silver trading at $17.15/oz.

 

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